The government has decided to revise the base year of the Colombo Consumer Price Index (CCPI) and the National Consumer Price Index (NCPI).
Cabinet Spokesman Minister Bandula Gunawardena speaking at the weekly Cabinet media briefing said the indices will be re-based with newer expenditure weights to reflect the current expenditure of households.
The new base year for the Colombo Consumer Price Index is 2019, and the new base year for the National Consumer Price Index is 2021.
Minister Gunawardana said the move was proposed by President Ranil Wickremesinghe in his capacity as the Minister of Finance.
The monthly NCPI measures the changes in prices paid by consumers for goods and services.
The CCPI indicates average changes in the prices of goods and services purchased by households in urban areas of the Colombo district.
Both are considered indices of inflation.
Sri Lanka’s inflation decreased to 54.2 percent in January from 57.2 percent in December 2022.